Strong working relationships between commercial brokers and economic development organization benefit everyone. Unfortunately, in many areas, this kind of mutually beneficial rapport doesn't exist. In our 20 years of work with economic developers, we’ve occasionally come across economic developers who don’t want to list broker contact information in their property database, or who struggle to convince area realtors to list their properties online. In those cases, we’ve worked directly with everyone to help correct misunderstandings and overcome those barriers. We know it isn't always easy but we believe it should always be a priority.
John Wichman, MCR, Multi-Market Tenant Advisory for Cushman & Wakefield, completely agrees. "Both sides bring unique perspectives and expertise to the table and getting everyone on the train moving down the tracks together is crucial to the success of any project."
Why is it so important to build relationships with brokers?
Brokers are the eyes and ears to sellers and buyers, they are the gate-keepers and guards of properties. In many cases, businesses making location decisions go directly to commercial realtors and don’t involve the area economic developers at all. Commercial real estate professionals are often the ones to present offers to sellers, vet buyers, and make recommendations on which buyer the seller should proceed with.
John believes economic developers would benefit from the perspective of the professional realtors in their region. He explains, "Working together is always better for all parties. As we help companies all over the globe rationalize and deliver projects the information and experience gathered of how others view economic development can be invaluable.
A strong working relationship with their area economic development organization means realtors trust that they can involve them in the process without complicating or risking their deals. Brokers appreciate the robust, up-to-date data on workforce, incentives, supply chain, consumer spending and GIS that can assist investors with their due diligence. Commercial brokers will be more comfortable listing their available properties on EDO GIS data tools when they feel confident they will remain a central and involved part of the process.
Want to learn more? View the video from our May 23rd webinar, Reaching realtors: How to build stronger bonds with your community brokers, for a look at practical strategies and best practices that will benefit everyone, especially investors and members of your community.
Alissa Sklar, Ph.D., VP of Marketing at GIS Planning and guest John Wichman, MCR, of Cushman & Wakefield will discuss the following:
- Build effective communication between economic developers and commercial realtors
- Facilitate the listing and marketing of properties
- Engage investors with the help of regional commercial brokers
- Expedite business relocation and expansion projects by providing area brokers with key demographic, business, labor force, and consumer spending data
- Q&A from webinar participants